Determining whether to file a joint return in the year of death
A surviving spouse has the option to file a joint return for the deceased spouse’s year of death, but several factors must be considered to determine if this is a good idea.
Personal Financial Planning
Developments in individual taxation
This semiannual update covers recent developments affecting individuals and discusses a number of pandemic-related developments.
Helping clients emerge from the pandemic
CPA financial planners can navigate clients through uncertainty and change, and lead them through a reevaluation of savings goals, retirement planning, health care needs, and other basic parts of their financial plan.
IRS provides cafeteria plan relief for the pandemic
The IRS issued guidance on how employers can amend their health flexible spending arrangements and dependent care assistance programs to respond to the coronavirus pandemic.
It is not too late for 2020 QOF tax deferral opportunities
This article discusses the applicable deadlines for individuals for investing in a QOF and obtaining tax deferral.
Senate shows bipartisan support for mobile workforce tax legislation
The Senate voted to make room in the FY 2021 budget resolution for mobile workforce legislation. Details of the budget still must be negotiated, but the vote creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.
The impact of filing status on student loan repayment plans
This article discusses income-based plans and how married couples with student loan debt may minimize their current loan payments by filing separately instead of jointly.
2021 inflation adjustments for retirement plans announced
The IRS announced that the income ranges for employee participation in workplace 401(k) plans and IRA contributions will increase from 2020 to 2021.
Self-certification of unclaimed property rollovers permitted
The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.
Answering clients’ estate planning questions this December
This article offers answers to questions from clients who are concerned about protecting their estate from tax changes that might happen in 2021.
Changes to charitable giving rules for 2020
There is a unique opportunity this year for clients with charitable contribution carryforwards to 2020.
Student loan debt: Tax and other considerations
This article examines the student loan burden in the United States, reviews programs designed to assist borrowers with repayment, and discusses debt forgiveness issues.
Achieving a better life experience (ABLE) accounts rules finalized
Eligible individuals with disabilities received IRS guidance on rules regarding tax-favorable ABLE accounts to save money to meet qualified disability expenses.
Demolished structures and qualified opportunity zones
Rev. Proc. 95-27 uses a two-part test to define whether the modification of a building, other than a certified historic structure, is a demolition for purposes of Sec. 280B.
Investments in qualified small business stock
The Code provides favorable treatment for gains from investing in small business stock under Sec. 1202.
CARES Act changes to retirement plans
A distribution that meets the definition of a coronavirus-related distribution carries several advantages and tax planning opportunities.
Six tax planning strategies for low-cost-basis cryptocurrency
Pursue these strategies as part of a multiyear plan to help a client avoid a big tax hit when it comes time to cash in significantly appreciated crytocurrencies.
Unprecedented opportunities in gift planning
For clients who are projected to have a federally taxable estate and desire to gift assets to heirs, now may be the right time to implement planning strategies
QBI deduction: Interaction with various Code provisions
This discussion focuses on how Sec. 1231 and various loss disallowance provisions affect the QBI deduction.
It’s a tough year for year-end tax planning
Advisers face the difficult task of helping clients plan for next year without knowing for certain which party will control the Senate.
